5.09.2014

Accountants, Auditors Assess Practice

By Christopher JATOR, Cameroon Tribune, 08-05-2014The World Bank has disbursed FCFA 250 million as support.
Accounting and auditing experts in the country have begun a one-year
evaluation of their profession in order to meet up with the present
modern standards. The exercise is a part of activities to celebrate the
10th anniversary of the Institute of Chartered Accountants in Cameroon
(ONECCA).
The first in a series of workshops to assess the evolution of the
profession in the country, sensitise members on what the profession now
holds, improve its competitiveness, and chart the future, held in Akwa,
Douala, last week. The financial experts are working in collaboration
with lawyers to redefine the role of the professional accountant and
auditor in order to modernise the profession and its practice in the
country.
The initiative is being implemented by ONECCA and will be conducted
within 12 months through workshops with financial assistance worth FCFA
250 million from the World Bank.
Charles Kooh II, accounting expert and Director of the evaluation
project, said the exercise is necessary considering that a lot has
changed within the profession and to correct malpractices. The balanced
sheet to be established will be used to urge State and local
institutions to stop using budget gimmicks that obscure true extent of
their money problems.
He revealed at the opening of the evaluation exercise that they will
impose refresher courses in 2014 on all members, as well as collaborate
with CEMAC for international certificates for all accounting graduates
in order to meet set objectives. A Disciplinary Committee is expected to
be set up at the end of the assessment.
Challenges, however, face the profession. They include insufficient
mastery of accounting market which becomes necessary as foreign
accounting firms may influx the country, relations with other parties,
and the capacity to debate with the administration on development and
international competition. Another challenge is how to get very small
enterprises switch from being informal to formal.

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